Loan Payment Calculator
Calculate your monthly payments, total interest, and view a complete amortization schedule for any loan
Loan Details
25,000
5.5%
5
Payment Summary
Monthly Payment
$0.00
Total Interest
$0.00
Total Payment
$0.00
Payoff Date
-
Frequently Asked Questions
How is the monthly payment calculated?
The monthly payment is calculated using the formula for an amortizing loan: P = (r * PV) / (1 - (1 + r)^(-n)), where P is the monthly payment, r is the monthly interest rate, PV is the loan amount (present value), and n is the total number of payments.
What is an amortization schedule?
An amortization schedule is a table that shows each loan payment over time, broken down into principal and interest components. It also shows the remaining balance after each payment and the total interest paid to date.
Why do I pay more interest at the beginning of the loan?
At the beginning of a loan term, your outstanding balance is highest. Since interest is calculated as a percentage of the remaining balance, the interest portion of your payment is largest at the start and gradually decreases over time.
Can I use this calculator for different types of loans?
Yes, this calculator works for any type of fixed-rate amortizing loan, including mortgages, auto loans, personal loans, and student loans. It does not work for adjustable-rate loans or interest-only loans.
How does making extra payments affect my loan?
Making extra payments directly reduces your principal balance, which in turn reduces the total interest paid over the life of the loan and may help you pay off the loan faster.